My husband and I filed jointly and owe taxes for 2007. We are on a payment plan and will not finish paying it off at the time the rebate checks get sent out. I understand that if we do qualify for the rebate, it will be applied to the amount we owe. My question is when should we expect our tax statement to reflect that?
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11. December 2009 at 11:02 pm
The check will be “issued” based on the last two digits of the SSN for the name that was first on the return. At that point the money will be applied to your account. About 3 weeks later it should show the difference.
11. December 2009 at 11:02 pm
You can go online to http://www.irs.gov and look at the schedule of when payments are expected to be sent. You would go by the last two digits of the first filers social security number. Anytime after that date I would say your payment should be applied.
11. December 2009 at 11:02 pm
according to what the irs told me (cause I too owed a payment), the rebate check will not clear in time to cover what you owe. as well as the fact it will delay you getting the rebate if you have not paid what you owe. If you file for an extension on your payment that you owe, then the rebate could take until July before it clears out the debt. The rep I spoke to said I was better off making the payment, and then getting the rebate in May.
Good luck!
11. December 2009 at 11:02 pm
If you filed and paid, unless you filled out the direct deposit section you should see it in July.
Direct Deposit Payments
If the last two digits of your Social Security number are:
Your economic stimulus payment deposit should be sent to your bank account by:
00 – 20
May 2
21 – 75
May 9
76 – 99
May 16
Paper Check
If the last two digits of your Social Security number are:
Your check should be in the mail by:
00 – 09
May 16
10 – 18
May 23
19 – 25
May 30
26 – 38
June 6
39 – 51
June 13
52 – 63
June 20
64 – 75
June 27
76 – 87
July 4
88 – 99
July 11
Zirkamer
11. December 2009 at 11:02 pm
The only people who can truly answer this is the IRS. From my understanding, the tax payments are going to be sent out based on the last 2 digits of your social security number starting May 2nd.
00-20 May 2nd
20-75 May 9th
76-99 May 16th
They will probably apply the money to your tax account fairly quickly after it is scheduled. This has been the case for any clients I had that received refunds for this year, but owed previous balances.